The report is divided into the following sections:
1) A summary of 2018 performance
The table below, shows the average 2018 performance per mandate, and is ranked by 2018 returns with 2017 and 2016 figures for comparison. As can be seen no individual mandate generated positive returns, although this is in the context of negative calendar returns for virtually all asset classes.
2) Focus : Annual Performance Review (p4)
This month we look at the 2018 performance of our different fund mandates in the context of:
i) The last 5 years absolute performance
A poor year for all funds with last year’s star two performers (Regional Infrastructure and Europe) impacted the most. In fact European funds have always been amongst the best/worst performers in alternate years, lending some credence to a regional rotation strategy